DAILY COMMODITY MARKET STRATEGY-12 June 2014

BASE METAL WRAP: Copper declined for the sixth time in seven sessions in New York as a Chinese probe into financing transactions eroded demand prospects for deals using the metal as collateral.

ENERGY WRAP: West Texas Intermediate extended gains after government data showed crude inventories dropped for a second week in the U.S., the world’s biggest oil consumer. Brent advanced in London.

PRECIOUS METAL WRAP: Gold held near the highest level in two weeks as a rally in equities faltered, boosting demand for alternative investments. Palladium traded below a 13-year high.

GLOBAL EVENTS TO WATCH: Official Cash Rate, RBNZ Monetary Policy Statement, RBNZ Press Conference, RBNZ Rate Statement, Employment Change, Unemployment Rate, Core Retail Sales m/m, Retail Sales m/m, Unemployment Claims, Import Prices m/m, Business Inventories m/m, Natural Gas Storage, BOC Gov Poloz Speaks, 30-y Bond Auction.
AGRI COMMODITY
BULLION COMMODITY
CS CHANA (JULY) OVERVIEW:
TREND BEARISH
SUP1:2740
SUP2:2650
RESIST1:2850
RESIST2:2900
TRADING STRATEGY: SELL ON RISE
CS COPPER (JUNE) OVERVIEW:
TREND CONSOLIDATE
SUP1: 397
SUP2:394
RESIST1:404
RESIST2:407
TRADING STRATEGY: SELL ON RISE
CS JEERA (JULY) OVERVIEW:
TREND CONSOLIDATE
SUP1:10830
SUP2:10700
RESIST1:11125
RESIST2:11250
TRADING STRATEGY: SELL ON RISE
CS CRUDE (JUNE) OVERVIEW:
TREND BULLISH
SUP1:6150
SUP2:6100
RESIST1:6270
RESIST2:6340
TRADING STRATEGY: BUY ON DIPS
CS TURMERIC (JULY) OVERVIEW:
TREND CONSOLIDATE
SUP1:5850
SUP2:5750
RESIST1:6070
RESIST2:6150
TRADING STRATEGY: SELL ON RISE
CS GOLD (AUG) OVERVIEW:
TREND BEARISH
SUP1:25940
SUP2:25600
RESIST1:26400
RESIST2:26920
TRADING STRATEGY: SELL ON RISE
CS SOYABEAN (JULY) OVERVIEW:
TREND BEARISH
SUP1:4265
SUP2:4190
RESIST1:4360
RESIST2:4400
TRADING STRATEGY: SELL ON RISE
CS SILVER (JULY) OVERVIEW:
TREND CONSOLIDATE
SUP1:40100
SUP2:39800
RESIST1:40800
RESIST2:41500
TRADING STRATEGY: SELL ON RISE

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